Group 1 - The core initiative by Yong'an Futures focuses on enhancing investor education through innovative measures centered around the principles of "specialization, innovation, diversity, and engagement" [1] - The company has established an investor education think tank and launched an intelligent customer service feature named "Anzai Smart Answer" [1] - Yong'an Futures has created a knowledge base with over 100,000 Q&A entries and is releasing educational products in various formats to improve the application of futures tools and risk management awareness [1] Group 2 - This initiative may indirectly influence market attention by enhancing the company's service capabilities [2]

Core Viewpoint - The company has signed a new maximum guarantee contract to provide a guarantee of 600 million yuan for its wholly-owned subsidiary, Yong'an Capital, to meet its operational needs, bringing the total guarantee amount to 5.545 billion yuan [1][5]. Group 1: Guarantee Details - The new guarantee amount of 600 million yuan is part of a renewed maximum guarantee contract with Shanghai Pudong Development Bank Hangzhou Branch, which has expired [1]. - After this guarantee, the total amount of guarantees provided by the company for Yong'an Capital and its subsidiaries will be 5.545 billion yuan [1]. - The guarantee is within the approved limit and does not harm the interests of the company and its shareholders, especially minority shareholders [1]. Group 2: Internal Decision-Making Process - The company held its fourth board meeting on April 22, 2025, and approved the increase of the guarantee limit to 8 billion yuan for Yong'an Capital and its subsidiaries [1]. - The authorization is valid from the date of approval at the 2024 annual general meeting until the next annual general meeting in 2025 [1]. Group 3: Guarantee Agreement Main Content - The guarantor is Zhejiang Zhongbang Industrial Development Co., Ltd., and the creditor is Shanghai Pudong Development Bank Hangzhou Branch [2]. - The guarantee covers not only the principal debt but also interest, penalties, damages, and other costs incurred in the execution of the guarantee contract [3][4]. Group 4: Necessity and Reasonableness of the Guarantee - The guarantee is necessary to support the operational needs of Yong'an Capital, ensuring stable business development and aligning with the company's overall interests and strategic goals [4]. - The company maintains effective control over the operational risks and credit status of the guaranteed subsidiary, making the guarantee risk manageable [4]. Group 5: Cumulative External Guarantee and Overdue Guarantees - As of the announcement date, the total external guarantees provided by the company and its subsidiaries amount to 5.545 billion yuan, representing 43.30% of the latest audited net assets attributable to shareholders [5]. - There are no overdue guarantees reported by the company or its subsidiaries [5].

2025年以来，国际形势变幻莫测，叠加国内经济结构的调整，实体企业经营面临多重不确定性。永安期 货党委副书记、总经理马志伟日前在接受中国证券报记者采访时表示，在此背景下，期货市场凭借其发 现价格、管理风险、配置资源三大核心功能，正成为实体企业应对风险、稳定经营的关键支撑。从助力 钢铁企业对冲价格波动，到为中小微企业打造智能服务平台，永安期货通过全链条服务与技术创新，持 续为实体企业注入"期货动能"。 面对实体企业多样化的风险管理需求，期货机构正加快服务模式创新。据马志伟介绍，2025年以来，永 安期货持续推进"以客户为中心"改革，通过深化产业服务与技术赋能，为不同类型、不同阶段的企业提 供精准服务，尤其在服务中小微企业方面取得了突破性进展。 在服务体系搭建上，永安期货打造"永动企航"产业服务品牌，在总部设立产融事业部，下设钢铁、能 化、有色、农产品四大事业部，其风险管理子公司永安资本设立产业事业部，统筹产业客户服务资源， 形成覆盖企业初创、成长、成熟全生命周期的服务体系。针对初创阶段企业，推广基差贸易模式优化采 销业务；针对成长阶段企业，将期现结合融入生产、销售、库存管理各环节；针对成熟阶段企业，输出 风险管 ...

Group 1 - The core point of the article is that Yong'an Futures announced that the company and its controlling subsidiaries do not have any overdue guarantee situations [2]

证券代码：600927 证券简称：永安期货 公告编号：2026-006 永安期货股份有限公司 关于子公司浙江中邦实业发展有限公司 重要内容提示： 担保对象及基本情况 | 被担保人名称 | 本次担保金额 | 实际为其提供的 | | 是否在前期预计 | 本次担保是否有 | | --- | --- | --- | --- | --- | --- | | | | 担保余额（不含本 次担保金额） | | 额度内 | 反担保 | | 浙江永安资本管理 有限公司（以下简称 | 60,000.00 万元 | 486,500.00 | 万元 | 是 | 否 | | "永安资本"） | | | | | | 累计担保情况 | 对外担保逾期的累计金额（万元） | 无 | | --- | --- | | 截至本公告日上市公司及其控股 子公司对外担保总额（万元） | 554,500.00 | | 对外担保总额占上市公司最近一 期经审计净资产的比例（%） | 43.30 | | 特别风险提示（如有请勾选） | □担保金额（含本次）超过上市公司最近一 | | | 期经审计净资产 50% | | | □对外担保总额（含本次）超过上市公司最 | ...

以13%增值税计算 | 产地 | 品牌 | 价格说明 | 港口美元价格 | 山东地区人民币价格 | 进口利润 | | --- | --- | --- | --- | --- | --- | | 加拿大 | 金狮 | CFR | 780 | 6300 | 113.08 | | | 雄狮 | CFR | 730 | 5270 | -504.81 | | 智利 | 银星 | CFR信用证 90天 | 700 | 5310 | -249.54 | 纸浆早报 研究中心能化团队 2026/02/09 SP主力合约收盘价： 5234.00 | 日期 | 2026/02/06 | 2026/02/05 | 2026/02/04 | 2026/02/03 | 2026/02/02 | | --- | --- | --- | --- | --- | --- | | 主力合约收盘价 | 5234.00 | 5254.00 | 5324.00 | 5276.00 | 5266.00 | | 折美元价 | 658.48 | 660.96 | 670.20 | 664.21 | 661.49 | | 距上一日涨跌 | -0.38066% ...

Core Viewpoint - The futures market is becoming a crucial support for real enterprises to manage risks and stabilize operations amid a complex international environment and domestic economic adjustments [1][2]. Group 1: Challenges Faced by Real Enterprises - Real enterprises are currently facing unprecedented operational challenges due to severe price fluctuations, supply chain restructuring, and macro policy divergence [1]. - The steel industry, for example, has seen an 18% year-on-year decline in average rebar prices for 2024, with some steel mills' sales profit margins dropping below 1% [2]. - Over 60% of small and medium-sized steel enterprises have a hedging ratio of less than 20%, indicating a significant lack of risk management capabilities [2]. Group 2: Role of Futures Tools - Futures tools are increasingly viewed as a "stabilizer" for enterprises to mitigate risks [2]. - The futures market provides authoritative forward price signals that help enterprises plan production effectively [2]. - By utilizing hedging operations, enterprises can transfer price fluctuation risks, locking in costs and profits [2]. Group 3: Innovative Service Models - The "six-step" full-chain service model developed by Yong'an Futures in collaboration with Liuzhou Steel is a typical example of how futures tools assist enterprises in managing operational risks [3]. - This model includes developing hedging management methods, cultivating delivery qualifications, and creating a complete service ecosystem [3]. - The registration of the first 5,190 tons of rebar warehouse receipts helped Liuzhou Steel avoid potential losses of 1.2456 million yuan [3]. Group 4: Service System Development - Yong'an Futures has established the "Yongdong Qihang" industry service brand, covering the entire lifecycle of enterprises from startup to maturity [4]. - The company has served 16,000 real enterprises and has been recognized as one of the "Top 500 Service Enterprises in China" for five consecutive years [4]. Group 5: Technological Advancements - The "Yongyiqi" one-stop intelligent service platform has transformed traditional service models, significantly improving service efficiency by reducing processing times for warehouse receipts and delivery [5]. - The platform has served over 1,000 enterprises, facilitating a shift from offline manual operations to online intelligent services [5]. Group 6: Investor Education Initiatives - Yong'an Futures is addressing the lack of understanding of the futures market by implementing a comprehensive investor education strategy [6]. - The company has established a national service network and launched various educational products to enhance awareness and understanding of futures tools [6]. Group 7: Future Directions - The futures industry needs to continue enhancing service upgrades and educational innovations to help enterprises better understand and utilize futures tools for risk management [7]. - By promoting professional, diverse, and engaging educational methods, the industry aims to strengthen its role in supporting the real economy and contributing to national strategies [7].

Report Information - Report Title: Coking Coal Daily Report [1] - Research Team: Black Team of the Research Center [1] - Report Date: February 6, 2026 [1] Price and Inventory Data Coal Prices - **柳林主焦**: The latest price is 1,483.00, with no daily change. It increased by 80.00 monthly and 13.47% annually [2]. - **原煤口岸库提价**: The latest price is 1,060.00, with no daily change. It increased by 40.00 weekly, 26.00 monthly, and 15.85% annually [2]. - **沙河驿蒙5**: The latest price is 1,400.00, with no daily change. It increased by 60.00 monthly and 3.70% annually [2]. - **安泽主焦**: The latest price is 1,570.00, decreased by 30.00 daily, 70.00 weekly. It increased by 70.00 monthly and 12.14% annually [2]. - **Peak Downs**: The latest price is 224.00, increased by 2.00 daily, decreased by 16.00 weekly, 4.50 monthly, and increased by 25.00 annually [2]. - **Goonyella**: The latest price is 224.00, increased by 2.00 daily, decreased by 16.00 weekly, 5.50 monthly, and increased by 22.90 annually [2]. - **盘面05**: The latest price is 1,182.00, decreased by 17.00 daily, increased by 6.50 weekly, decreased by 22.00 monthly, and increased by 5.49% annually [2]. - **盘面09**: The latest price is 1,256.00, decreased by 20.50 daily, increased by 2.50 weekly, decreased by 19.50 monthly, and increased by 3.89% annually [2]. - **盘面01**: The latest price is 1,422.00, decreased by 16.50 daily, decreased by 8.00 weekly, increased by 258.00 monthly, and increased by 13.53% annually [2]. Inventory Data - **总库存**: The latest inventory is 4,197.93, increased by 67.69 weekly and 145.36 monthly [2]. - **煤矿库存**: The latest inventory is 264.65, decreased by 2.53 weekly, 30.36 monthly, and 30.64% annually [2]. - **港口库存**: The latest inventory is 286.38, decreased by 3.00 weekly, 14.92 monthly, and 36.82% annually [2]. - **钢厂焦煤库存**: The latest inventory is 814.36, increased by 11.12 weekly, 12.09 monthly, and decreased by 2.11% annually [2]. - **焦化焦煤库存**: The latest inventory is 1,234.79, increased by 57.08 weekly, 182.29 monthly, and 17.83% annually [2]. - **焦化产能利用率**: The latest utilization rate is 72.20, increased by 0.34 weekly, decreased by 0.49 monthly, and 1.14% annually [2]. - **焦化焦炭库存**: The latest inventory is 86.33, increased by 0.42 weekly, 0.66 monthly, and decreased by 0.58% annually [2]. Basis and Spread Data - **05基差**: The latest basis is -52.34, increased by 17.00 daily, 50.97 weekly, 56.48 monthly, and 24.71 annually [2]. - **09基差**: The latest basis is -126.34, increased by 20.50 daily, 54.97 weekly, 53.98 monthly, and decreased by 0.24 annually [2]. - **01基差**: The latest basis is -292.34, increased by 16.50 daily, 65.47 weekly, decreased by 223.52 monthly, and increased by 0.40 annually [2]. - **5 - 9价差**: The latest spread is -74.00, increased by 3.50 daily, 4.00 weekly, decreased by 2.50 monthly, and decreased by 0.16 annually [2]. - **9 - 1价差**: The latest spread is -166.00, decreased by 4.00 daily, increased by 10.50 weekly, decreased by 277.50 monthly, and increased by 2.82 annually [2]. - **1 - 5价差**: The latest spread is 240.00, increased by 0.50 daily, decreased by 14.50 weekly, increased by 280.00 monthly, and increased by 0.82 annually [2].

| 源点资讯 | Dan 隔点资讯 | | --- | --- | | SOURCE POINT | SQURCE POINT | | 、永安期货 | | 大类资产早报 研究中心宏观团队 2026/02/05 或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我们均不承担任何责任。 | 全 球 资 产 市 场 表 现 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 主要经济体10年期国债 | | | | | | | | | | 美国 | | 英国 | 法国 | 德国 | 意大利 | 西班牙 | 瑞士 | 希腊 | | 最新 | - | - | - | - | - | - | - | - | | 日本 | | 巴西 | 中国 | 韩国 | 澳大利亚 | 新西兰 | | | | 最新 | - | - | - | - | - | - | | | | 主要经济体2年期国债 | | | | | | | | | | 美国 | | 英国 | 德国 | 日本 | 意大利 | 中国（1Y收益 率） | 韩国 | 澳大利 ...

焦炭日报 研究中心黑色团队 2026/2/5 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | 最新 | 日变化 | 周变化 | 月变化 同比 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 山西准一湿熄 | 1485.59 | 0.00 | 54.61 | 54.61 | -4.56% 高炉开工率 | 85.47 | | -0.04 | 0.21 | 0.98% | | 河北准一干熄 | 1735.00 | 0.00 | 55.00 | 55.00 | 14.90% 铁水日均产量 | 227.98 | | -0.12 | 0.55 | #N/A | | 山东准一干熄 | 1680.00 | 0.00 | 55.00 | 55.00 | -3.17% 盘面05 | 1751.5 | 30.50 | 52.00 | 109.50 | 1.13% | | 江苏准一干熄 | 1700.00 | 0.00 | 55.00 | 55.00 | -4.23% 盘面09 | 1817 | 32.50 | 47. ...